Product - Finance workflow

Overview

The Finance Workflow will provide an in-depth review of the company's workflows. The examination of the workflows would be structured around five critical phases, each corresponding to key high-level business processes:

• Financial modeling: This phase will include antems and analysis of sys processes for financial modeling, strategic financial planning, and budgeting.
• Expenses: The review will encompass the tools and applications involved in the Purchase-to-Pay process and its efficiency and effectiveness.
• Central Operations: This phase involves examining systems used in the Record-to-Report process and evaluating them for their robustness, compliance, and inefficiencies.
• Revenue: The assessment will cover tools and applications facilitating the Order-to-Cash process. It will also thoroughly review the process workflow, identifying any bottlenecks or areas for enhancement.
• BI & Reporting: The phase will include Business Intelligence and Financial Planning & Analysis Systems and how these tools are integrated into daily business intelligence processes and controlling activities.

For each phase, the solution would analyze detailed processes, their steps, finance systems' distribution, connections, and interconnections, and the effectiveness and efficiency of the associated processes. This dual focus aims to identify gaps and potential areas for improvement in both technological infrastructure and process workflows.

Why

With Finance Workflow you can answer such questions:

• What processes take much effort from the finance team?
• What processes include the manual sync of financial data?
• What is the cost to process one bill or one sales invoice?
• What is the end-to-end time to process one purchase order?
• What systems are used in processing payroll calculations or reimbursements?
• What processes have the biggest potential for automation?
• What system generates much manual work?
• Where are we using system XYZ?
• What processes are processed by the Senior Accountant?
• etc.

Value